Wednesday Hump Day

iVillage Member
Registered: 12-22-2013
Wednesday Hump Day
238
Wed, 02-19-2014 - 9:44am

1. If you own a home, do you have your homeowners taxes in your mortgage or do you pay separately?

2. Do you do anything for St. Patrick's Day?

3. What is one of your guilty pleasure TV shows?

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iVillage Member
Registered: 10-23-2001
Thu, 02-20-2014 - 1:22pm

blackandwhitemolly wrote:
<p><span style="font-size:13px; text-align:left">Well, if you follow the chest's logic you should not be collecting a refund at the end of the year then either.  I guess I'm a little more consistent, I mean I let my bank sit on my escrow and I also let the IRS sit on my money and collect a refund at tax time too.  Sure beats spending money on slimey brokers, Lol.</span></p><p><strong><span style="font-size:13px; text-align:left">How is one better than the other? lol</span></strong></p>

Her mortgage is paid off, that what's better.  I'm not convinced she saved thousands of dollars however.   

 


 


iVillage Member
Registered: 10-23-2001
Thu, 02-20-2014 - 1:31pm

We have a good friend that's a CPA. He and his wife have no mortgage anymore but they have these smart ideas about finances too, They'll even tell you that diversification is a good thing, LIke having multiple bank accounts.

 


 


Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Thu, 02-20-2014 - 1:47pm

blackandwhitemolly wrote:
<blockquote><div style="font-weight:bold"><em>blackandwhitemolly</em> wrote:</div>&lt;p&gt;&lt;span style="font-size:13px; text-align:left"&gt;I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place.  &lt;/span&gt;&lt;/p&gt;&lt;p&gt;&lt;strong&gt;&lt;span style="font-size:13px; text-align:left"&gt;I don't like having to find hundreds of dollars every year so they can have a "cushion". Shrug.&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;</blockquote><p style="font-size:13px; text-align:left"></p><p style="font-size:13px; text-align:left">That's fascinating, but I wasn't talking about escrow.</p><p style="font-size:13px; text-align:left"><strong>Well they are making a profit off your escrow too. If my taxes went up $200 for the year, they were making a profit off of the extra $500 they claimed they needed for a cushion.</strong></p>

Umm, no.  That $500 will be used to pay taxes in the future. And at the end of the mortgage, any money remaining in escrow is returned to the borrower.   They can't keep any "excess".   And they don't make interest off it, since it's sitting in their own account.  In addition, some lenders pay the borrower interest on that escrow, but they aren't required to do so. 

So, one can lose potential interest by having that extra sit in escrow, but they aren't paying interest on it nor is the lender making   a profit on it.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Thu, 02-20-2014 - 1:48pm

jamblessedthree wrote:
<p><blockquote class="quote-msg quote-nest-1 odd"><div class="quote-author"><em class="placeholder">blackandwhitemolly</em> wrote:</div>&lt;blockquote&gt;&lt;div style="font-weight:bold"&gt;&lt;em&gt;blackandwhitemolly&lt;/em&gt; wrote:&lt;/div&gt;&amp;lt;p&amp;gt;&amp;lt;span style="font-size:13px; text-align:left"&amp;gt;I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place.  &amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;span style="font-size:13px; text-align:left"&amp;gt;I don't like having to find hundreds of dollars every year so they can have a "cushion". Shrug.&amp;lt;/span&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;&lt;/blockquote&gt;&lt;p style="font-size:13px; text-align:left"&gt;&lt;/p&gt;&lt;p style="font-size:13px; text-align:left"&gt;That's fascinating, but I wasn't talking about escrow.&lt;/p&gt;&lt;p style="font-size:13px; text-align:left"&gt;&lt;strong&gt;Well they are making a profit off your escrow too. If my taxes went up $200 for the year, they were making a profit off of the extra $500 they claimed they needed for a cushion.&lt;/strong&gt;&lt;/p&gt;</blockquote></p><p>Well, if you follow the chest's logic you should not be collecting a refund at the end of the year then either.  I guess I'm a little more consistent, I mean I let my bank sit on my escrow and I also let the IRS sit on my money and collect a refund at tax time too.  Sure beats spending money on slimey brokers, Lol.</p>

Who paid money to slimey brokers?

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 12-22-2013
Thu, 02-20-2014 - 1:55pm

Umm, no.  That $500 will be used to pay taxes in the future. And at the end of the mortgage, any money remaining in escrow is returned to the borrower.   They can't keep any "excess".   And they don't make interest off it, since it's sitting in their own account.  In addition, some lenders pay the borrower interest on that escrow, but they aren't required to do so. 

Well I was asked for more of a cushion, every.single.year. There was no need to ask for $500 MORE than needed, IMO. Many people don't even pay attention to how much their taxes go up every year to figure out that they are giving their mortgage company more than what is needed. What I think they do is estimate how much they THINK will be the increase without truly knowing before asking for more money. I would rather do it myself and only pay for the increased amount needed.

So, one can lose potential interest by having that extra sit in escrow, but they aren't paying interest on it nor is the lender making   a profit on it.

I don't care for them to take more money than is needed. When my bill goes up, I allot for that amount, not hundreds of dollars more for someone else to hold.

iVillage Member
Registered: 10-23-2001
Thu, 02-20-2014 - 2:05pm

savcal2011 wrote:
<p><blockquote class="quote-msg quote-nest-1 odd"><div class="quote-author"><em class="placeholder">jamblessedthree</em> wrote:</div>&lt;p&gt;&lt;blockquote class="quote-msg quote-nest-1 odd"&gt;&lt;div class="quote-author"&gt;&lt;em class="placeholder"&gt;blackandwhitemolly&lt;/em&gt; wrote:&lt;/div&gt;&amp;lt;blockquote&amp;gt;&amp;lt;div style="font-weight:bold"&amp;gt;&amp;lt;em&amp;gt;blackandwhitemolly&amp;lt;/em&amp;gt; wrote:&amp;lt;/div&amp;gt;&amp;amp;lt;p&amp;amp;gt;&amp;amp;lt;span style="font-size:13px; text-align:left"&amp;amp;gt;I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place.  &amp;amp;lt;/span&amp;amp;gt;&amp;amp;lt;/p&amp;amp;gt;&amp;amp;lt;p&amp;amp;gt;&amp;amp;lt;strong&amp;amp;gt;&amp;amp;lt;span style="font-size:13px; text-align:left"&amp;amp;gt;I don't like having to find hundreds of dollars every year so they can have a "cushion". Shrug.&amp;amp;lt;/span&amp;amp;gt;&amp;amp;lt;/strong&amp;amp;gt;&amp;amp;lt;/p&amp;amp;gt;&amp;lt;/blockquote&amp;gt;&amp;lt;p style="font-size:13px; text-align:left"&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p style="font-size:13px; text-align:left"&amp;gt;That's fascinating, but I wasn't talking about escrow.&amp;lt;/p&amp;gt;&amp;lt;p style="font-size:13px; text-align:left"&amp;gt;&amp;lt;strong&amp;gt;Well they are making a profit off your escrow too. If my taxes went up $200 for the year, they were making a profit off of the extra $500 they claimed they needed for a cushion.&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;&lt;/blockquote&gt;&lt;/p&gt;&lt;p&gt;Well, if you follow the chest's logic you should not be collecting a refund at the end of the year then either.  I guess I'm a little more consistent, I mean I let my bank sit on my escrow and I also let the IRS sit on my money and collect a refund at tax time too.  Sure beats spending money on slimey brokers, Lol.&lt;/p&gt;</blockquote></p><p>Who paid money to slimey brokers? </p>

Oh, That's right you used a mortgage broker too.  Remember it's not about your house, or what it looks like, or refinancing it for 30 years again...

 


 


iVillage Member
Registered: 03-22-2013
Thu, 02-20-2014 - 2:07pm
:::::Nope you have not but this statement makes it kind of clear that you don't mind if they DO hold your money in escrow (if they do): I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place. ::::


No, it doesn't. It means I have no objection to borrowing money and repaying the amount, plus interest. That you have never managed fluency in English doesn't change the meaning of what I said. It simply means that menaing is beyond your comprehensipn.


So what else is new?

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Thu, 02-20-2014 - 2:07pm

jamblessedthree wrote:
<p><blockquote class="quote-msg quote-nest-1 odd"><div class="quote-author"><em class="placeholder">savcal2011</em> wrote:</div>&lt;p&gt;&lt;blockquote class="quote-msg quote-nest-1 odd"&gt;&lt;div class="quote-author"&gt;&lt;em class="placeholder"&gt;jamblessedthree&lt;/em&gt; wrote:&lt;/div&gt;&amp;lt;p&amp;gt;&amp;lt;blockquote class="quote-msg quote-nest-1 odd"&amp;gt;&amp;lt;div class="quote-author"&amp;gt;&amp;lt;em class="placeholder"&amp;gt;blackandwhitemolly&amp;lt;/em&amp;gt; wrote:&amp;lt;/div&amp;gt;&amp;amp;lt;blockquote&amp;amp;gt;&amp;amp;lt;div style="font-weight:bold"&amp;amp;gt;&amp;amp;lt;em&amp;amp;gt;blackandwhitemolly&amp;amp;lt;/em&amp;amp;gt; wrote:&amp;amp;lt;/div&amp;amp;gt;&amp;amp;amp;lt;p&amp;amp;amp;gt;&amp;amp;amp;lt;span style="font-size:13px; text-align:left"&amp;amp;amp;gt;I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place.  &amp;amp;amp;lt;/span&amp;amp;amp;gt;&amp;amp;amp;lt;/p&amp;amp;amp;gt;&amp;amp;amp;lt;p&amp;amp;amp;gt;&amp;amp;amp;lt;strong&amp;amp;amp;gt;&amp;amp;amp;lt;span style="font-size:13px; text-align:left"&amp;amp;amp;gt;I don't like having to find hundreds of dollars every year so they can have a "cushion". Shrug.&amp;amp;amp;lt;/span&amp;amp;amp;gt;&amp;amp;amp;lt;/strong&amp;amp;amp;gt;&amp;amp;amp;lt;/p&amp;amp;amp;gt;&amp;amp;lt;/blockquote&amp;amp;gt;&amp;amp;lt;p style="font-size:13px; text-align:left"&amp;amp;gt;&amp;amp;lt;/p&amp;amp;gt;&amp;amp;lt;p style="font-size:13px; text-align:left"&amp;amp;gt;That's fascinating, but I wasn't talking about escrow.&amp;amp;lt;/p&amp;amp;gt;&amp;amp;lt;p style="font-size:13px; text-align:left"&amp;amp;gt;&amp;amp;lt;strong&amp;amp;gt;Well they are making a profit off your escrow too. If my taxes went up $200 for the year, they were making a profit off of the extra $500 they claimed they needed for a cushion.&amp;amp;lt;/strong&amp;amp;gt;&amp;amp;lt;/p&amp;amp;gt;&amp;lt;/blockquote&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;Well, if you follow the chest's logic you should not be collecting a refund at the end of the year then either.  I guess I'm a little more consistent, I mean I let my bank sit on my escrow and I also let the IRS sit on my money and collect a refund at tax time too.  Sure beats spending money on slimey brokers, Lol.&amp;lt;/p&amp;gt;&lt;/blockquote&gt;&lt;/p&gt;&lt;p&gt;Who paid money to slimey brokers? &lt;/p&gt;</blockquote></p><p>Oh, That's right you used a mortgage broker too.  Remember it's not about your house, or what it looks like, or refinancing it for 30 years again...</p>

I did use a broker. He wasn't slimey. And I didn't pay him a cent.

And I don't have a 30-year mortgage.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 10-23-2001
Thu, 02-20-2014 - 2:08pm

There's a predictable curve when it comes to home values and taxes too. That's what we get so we almost know months ahead of time if we're going to get a refund or not re escrow. 

 

 


 


iVillage Member
Registered: 12-22-2013
Thu, 02-20-2014 - 2:10pm

:::::Nope you have not but this statement makes it kind of clear that you don't mind if they DO hold your money in escrow (if they do): I will say this, I have no objection to my mortgage company making a profit on my mortgage, since that's the only reason they lent it to me in the first place. ::::


No, it doesn't. It means I have no objection to borrowing money and repaying the amount, plus interest. That you have never managed fluency in English doesn't change the meaning of what I said. It simply means that menaing is beyond your comprehensipn.


So what else is new?

Is there any reason you can't just speak like a mature adult and have a mature conversation? I can see why you are not friends with people at work and didn't have a hot date the other night. OH MY......

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